Regulators give Mount Airy go-ahead to transfer ownership

Wednesday

Sep 23, 2009 at 11:10 AMSep 23, 2009 at 12:55 PM

Gaming regulators approved a petition today that paves the way for Louis DeNaples to transfer ownership of Mount Airy Casino Resort to his family. The Pennsylvania Gaming Control Board also OK'ed the casino's request to dissolve the trusteeship that put the operation under the control of an independent administrator.

Gaming regulators approved a petition today that paves the way for Louis DeNaples to transfer ownership of Mount Airy Casino Resort to his family.

The Pennsylvania Gaming Control Board also OK'ed the casino's request to dissolve the trusteeship that put the operation under the control of an independent administrator.

According to the current plan, DeNaples will transfer 100 percent ownership of Mount Airy Casino Resort to a trust, called the Lisa Trust, with Lisa DeNaples as executor initially. The trust would in turn grant equal portions of the casino resort's assets to her siblings or their children.

The board also approved Mount Airy's petition to dissolve the trusteeship that put former Shippensburg University president Dr. Anthony Ceddia in charge of the casino resort. Ceddia was chosen by the board to oversee the operations of Mount Airy after it suspended casino owner Louis DeNaples' gaming license and barred DeNaples from participating in the business following the criminal inditement. The board has since reinstated DeNaples gaming license.

Wednesday's ruling provides for the removal of the trustee within 20 days of the completion of the reorganization, and keeps in place the prohibition that Mr. DeNaples exercise any legal control or dominion in any capacity.

Read more in Thursday's editions online and in print.

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